Conference Paper
How should central banks reduce inflation? conceptual issues (commentary)
McCallum, Bennett T. (1996)
Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Targeting vs. instrument rules for monetary policy
Nelson, Edward; McCallum, Bennett T. (2004)
Svensson (2003) argues strongly that specific targeting rules*first order optimality conditions for a specific objective function and model*are normatively superior to instrument rules for the conduct of monetary policy. That argument is based largely upon four main objections to the latter plus a claim concerning the relative interest-instrument variability entailed by the two approaches. The present paper considers the four objections in turn, and advances arguments that contradict all of them. Then in the paper*s analytical sections, it is demonstrated that the variability claim is ...
Working Papers , Paper 2004-011

Conference Paper
Targeting versus instrument rules for monetary policy
Nelson, Edward; McCallum, Bennett T. (2005)
Proceedings

Conference Paper
How can monetary policy be improved?
McCallum, Bennett T. (1994)
Conference Series ; [Proceedings] , Volume 38 , Pages 245-249

Conference Paper
Comments on paper by Hess, Small, and Brayton
McCallum, Bennett T. (1993)
Proceedings , Paper 1, pt. 2

Journal Article
Targeting versus instrument rules for monetary policy
Nelson, Edward; McCallum, Bennett T. (2005-09)
Svensson (2003) argues strongly that specific targeting rules-first-order optimality conditions for a specific objective function and model-are normatively superior to instrument rules for the conduct of monetary policy. That argument is based largely on four main objections to the latter, plus a claim concerning the relative interest-instrument variability entailed by the two approaches. The present paper considers the four objections in turn and advances arguments that contradict all of them. Then, in the paper's analytical sections, it is demonstrated that the variability claim is ...
Review , Volume 87 , Issue Sep , Pages 597-612

Conference Paper
On signal extraction and non-certainty-equivalence in optimal monetary policy rules, comments
McCallum, Bennett T. (2000)
Proceedings

Journal Article
Recent developments in the analysis of monetary policy rules
McCallum, Bennett T. (1999-11)
After a brief review of key developments in application of monetary theory to policy analysis, Bennett T. McCallum describes the central aspects of the typical framework used to analyze monetary policy rules. He reviews the methods used to study the effects of policy behavior and provides an example of how two rules (the McCallum rule and the Taylor rule) can be used to investigate recent monetary policy in Japan. His example shows why it may be important for central banks to develop monetary policy procedures based on monetary-aggregate as well as interest-rate instruments.
Review , Volume 81 , Issue Nov , Pages 3-12

Journal Article
Macroeconomics after a decade of rational expectations : some critical issues
McCallum, Bennett T. (1982-11)
An abstract for this article is not available.
Economic Review , Volume 68 , Issue Nov , Pages 3-12

Conference Paper
Credibility and monetary policy
McCallum, Bennett T. (1984)
Proceedings - Economic Policy Symposium - Jackson Hole